CCL Industries has signed a binding agreement to acquire Nortec International, a specialty manufacturer of high performance labels and marking systems for the Israeli high technology sector.
Nortec, based near Tel Aviv, also exports its products around the world. 2017 sales were CAD$9.6 million (US$7.5 million). The business will change its trading name to CCL Design Israel on closing, which is expected during the second quarter of 2018. The acquisition price is approximately CAD$9 million (US$7 million) in cash and assumed debt.
Geoffrey T. Martin, president and CEO at CCL, commented: ‘Israel is an important country for the electronics industry, and our CCL Design team has known Nortec for some time so we are pleased to welcome its founder Doron Lavi and his people to the company.’